Tag Archives: Carey Corbett Financial Solutions

Running a business can be an exciting and rewarding endeavour, but it also comes with a set of financial responsibilities that every business owner should be well-versed in. Understanding these key financial considerations is crucial for making informed decisions, ensuring the financial health of your business, and ultimately feeling more confident in your entrepreneurial journey. 1. Business Plan and Budgeting Before launching your business, it’s vital to create a comprehensive business plan. This plan should include a detailed budget that outlines your projected income and expenses. A well-thought-out budget will help you allocate resources efficiently and monitor your financial performance. Once you have your business established, you should regularly revisit your business plan to measure your progress, and make any necessary adjustments to reflect your current trading position. 2. Legal Structure and Taxation Choosing the right legal structure for your business, such as a sole trader, limited company, or partnership, can have significant implications for your taxes and personal liability. …

Investing is a complex and challenging activity that requires careful planning, research and discipline. However, many investors fall prey to impulsive investing, which is the tendency to make hasty and emotional decisions based on short-term market movements, news headlines or personal biases. Impulsive investing can cost you dearly in the long run, as it can lead to poor performance, higher fees, increased taxes and missed opportunities. In this article, we will explore some of the common causes and consequences of impulsive investing, and how you can avoid it. 1. One of the main causes of impulsive investing is the lack of a clear and consistent investment strategy. Without a well-defined goal, time horizon and risk tolerance, investors may be tempted to chase returns, follow the crowd or switch between different styles and asset classes without a sound rationale. This can result in buying high and selling low, which is the opposite of what successful investors do. A good investment strategy …

Do you know your financial net worth? This is a question that we put to our clients before a financial review – and often it is not that easily answered. It can mean resorting to filing cabinets or kitchen drawers to dust-off old pension polices, cash deposit statements, loan, insurance and investment documents. You may also be dreaming of taking a big trip or planning to help your children buy a house. Or maybe you heard great financial advice in the taxi, or at the local pub! With a financial review, it is often these opportunities which become evident. Getting the balance right between how much to spend and invest can be difficult. You may be actively enjoying early-stage retirement but cautious of spending too much. It’s important to consider how much income you need in retirement to support and maintain your lifestyle and then to find the balance of fulfilling your aspirations without the fear of running out of …

In Ireland, the pursuit of financial advice is not merely a prudent decision; it’s a transformative one. Recent studies indicate that individuals who seek professional financial guidance can potentially increase their pension savings by an impressive 50%. This substantial enhancement in retirement funds underscores the value of expert financial planning. With the complexities of investment options, tax implications, and retirement strategies, navigating the financial landscape can be daunting. However, those who engage with financial advisors benefit from tailored advice that aligns with their long-term retirement goals, leading to a more secure and prosperous future. In contrast, individuals who forego such counsel may find themselves at a significant disadvantage, often resulting in a less robust pension pot. Navigating the financial landscape, especially when planning for retirement, requires a strategic approach to avoid common pitfalls that can undermine one’s financial security. One of the most critical mistakes is not starting early enough, as time is a crucial factor in leveraging the power …

As part of our work with clients, one really important element of an overall financial plan is retirement planning. Of course, it happens quite often that clients are some way along this journey before we come into contact with them. What we see sometimes leaves a lot to be desired… Some people think they are well on the road to a comfortable retirement. However when we investigate, we don’t see a plan, we simply see a lot of policies. These clients often don’t know what they have – they know they have “bits and pieces” of pensions and are assuming that they all add up to a satisfactory picture. Quite often, this is not in fact the case. Sometimes of course, having lots of different policies makes perfect sense. That is, when it is part of a planned retirement strategy where it is beneficial to have multiple policies. A client may have multiple sources of income for example, each requiring …

Your 30s are a pivotal decade for financial planning, as you likely experience significant life changes such as advancing in your career, getting married, having children, or purchasing a home. As a friend once put it, “In your 30s, you’re just running.” You’re likely married, have small children, and your career is starting to take off — everything’s launching and/or accelerating at once. And with these new responsibilities come new personal finance goals. As you read the suggested personal finance goals for your 30s, keep in mind that everyone is in a different place, so naturally everyone is going to have different objectives. But if you’re feeling confused and overwhelmed about money, it’s sometimes helpful to see suggestions for milestones to hit at certain points in your life. You can then take those broad suggestions and refine them so they fit your personal circumstances. 1. Eliminate High-Interest Debt High-interest debt, such as credit card balances and short-term loans, can drain your finances. …

One of the most asked questions we get! Many people in Ireland wonder when is it too late to start a pension. The answer is not simple, as it depends on several factors, such as your current income, your desired retirement age, your expected lifestyle and expenses, and the type of pension plan you choose. However, some general guidelines can help you make an informed decision. 1. First of all, it is never too late to start saving for your retirement. Even if you are in your 50s or 60s, you can still benefit from the tax relief and compound interest that a pension offers. However, the later you start, the more you will have to save each month to achieve a comfortable income in retirement. For example, if you start saving at age 25, you will need to save about 15% of your salary to have a pension of 50% of your salary at age 65. If you start …

The phenomenon of the ‘Bank of Mum and Dad’ has become an integral part of the property landscape in Ireland, reflecting both the challenges faced by first-time buyers in securing adequate financing and the willingness of parents to assist their offspring in making that crucial step onto the property ladder. This familial financial support can take various forms, from gifting funds to acting as loan guarantors, and while it often proves to be a lifeline for many, it also carries with it a set of implications that both parties must carefully consider. For many young Irish adults, the dream of owning a home seems increasingly out of reach due to high deposit requirements and strict mortgage lending rules. In this context, the ‘Bank of Mum and Dad’ serves as a crucial lifeline, providing the necessary boost to bridge the gap between savings and the price of a desired property. It’s estimated that a significant portion of first-time buyers now rely …